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comfortstation
December 21, 2023
Question

Budget Report deficit larger than what my bank balances show

  • December 21, 2023
  • 1 reply
  • 0 views

I run a very small non profit organization. We started the year with 39k in our checking account. We have 37k in our bank account now. That would mean we're running a 2k deficit for this fiscal year (ending December 31st), right?

 

Our budget report is showing a 14k deficit right now. All transactions are cleared and the balance in the quickbooks ledger is up to date and accurate.

 

Am I missing something? Any idea why there would be this discrepancy?

1 reply

AldritchM
AldritchM
December 30, 2023

Hi there, @comfortstation. 

 

Let me help you go over your reconciliation, and have those transactions reviewed properly. 

 

I'd suggest running first the budget vs actual report to be able to identify if the budget is over or under, that got in resulted in a 14k deficit. 

 

Once done identifying, verify those transactions in bank statement and compare it to budget that you created if it matches the total amounts. In that way, you can confirm what's the reason for the deficit. 

 

If you can't find any records that match with the transaction, you can add and categorize them so it will be counted in your books.

 

Additionally, I'd like to leave this article to learn how to review your beginning balance and look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Reply to this post if you have further questions about your reconciliation. I'm here to help you. 

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